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What Is A Line Of Credit?
Personal Line of Credit
Get flexible access to funds for everyday expenses, at interest rates lower than most credit cards.
Meet your present and future borrowing needs with a revolving access to funds. You're in complete control of how much you borrow without having to reapply every time.
Features
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Interest charged only on the funds you use
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Flexible payment options
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Secured or unsecured options are available
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Make deposits to and withdrawals from your line of credit through digital banking or in branch.
Annual Fees: None
Credit Limit: $5,000 - $50,000
Interest Rate: Variable
Repayment Schedule: Flexible
Student Line of Credit
Designed for full-time students pursuing post-secondary education in an accredited Canadian university or college.
Only use the funds you need, when you need them to pay for tuition, books, living expenses, and other education-related expenses.
Features
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Interest-only payments up to 6 months after graduation
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Maintain full-time status and make interest-only payments while in school
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Make deposits to and withdrawals from your line of credit through digital banking or in branch.
Annual Fees: None
Credit Limit: $3,750 - $30,000
Interest Rate: Variable
Repayment Schedule: Flexible
Home Equity Line of Credit
Leverage the equity in your existing assets to cover the cost of a renovation or home improvement project. It's a simple and smart way to make your home equity work for you.
Consolidate your credit card balances or other loans, use what you need and pay interest only on what you borrow.
Features
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One-time application
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Interest paid only on funds used
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Secured by real estate
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Finance purchases related to home ownership, including home renovations and unexpected home repairs
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Make deposits to and withdrawals from your line of credit through digital banking or in branch.
Annual Fees: None
Credit Limit: based on a percentage of the value of your home minus any outstanding mortgage amount
Interest Rate: Variable
Repayment Schedule: Flexible
A secured line of credit typically has a higher maximum credit limit and uses assets you own as collateral.
Benefits:
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Lower interest rate on credit secured by your home or other assets
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Ongoing access to funds for larger purchases, debt consolidation, or home renovations
Term: Open
Rate: Variable
Security Required: Yes
An unsecured line of credit will tend to have a lower maximum credit limit as no assets are acting as collateral.
Benefits:
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Get access to credit with a quick approval process
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Ongoing access to funds for everyday purchases
Term: Open
Rate: Variable
Security Required: No
While they sound similar, they aren’t. A line of credit often is more competitive and has lower interest rates than many retail credit cards. With LOC's, you will only pay interest on the amount you borrow, opposed to other charges, such as annual or hidden fees.
Our lending experts will review your credit history and experience, as well as your short and long-term financial goals to help you find the best borrowing option.
As soon as you repay the credit used and its interest, the money is immediately available to use again. The only cost of borrowing is the interest on the exact amount you borrow and for the number of days you've used it.